Uniswap buys NFT aggregator Genie
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The buyout sum is undisclosed. However, Uniswap raised millions in funding led by venture capital firms like Andreessen Horowitz and Paradigm, which have supported Uniswap since the beginning.
Launched in November 2021, Genie allows users to buy and trade NFTs across various platforms. So far, it has completed $560 million in transaction volume and helped users save millions in gas fees.
By acquiring Genie, Uniswap aims to integrate NFTs and ERC-20 products into their platform “to unlock universal ownership and exchange.” Through the Uniswap app, users will be able to buy and sell NFTs across all major marketplaces. NFTs will also be integrated into Uniswap’s developer APIs and widgets for Web3 creators.
Despite the current crypto market tumbling in the last few months, Uniswap sees the opportunity in the acquisition to compete against OpenSea, the NFT marketplace leader. OpenSea acquired NFT aggregator Gem in April and has been holding most of the NFT sales volume. Other firms in the industry, such as Coinbase, entered the NFT marketplace in April with little luck—although still in beta version, the platform only received 150 users on the first day of operation.
In 2019, Uniswap launched Unisocks, the first version of an NFT liquidity pool and NFTs backed by physical assets. Users can buy and sell digital SOCKS tokens and later stake Ethereum.
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